Navigating the opportunities of digital
Seeing reports in the press of the reducing state of productivity locally is a worrying trend only exacerbated by resource shortages and challenging market forces. One of the main reasons for this down turn in productivity is a slow uptake of digital technologies. We could say this is due in part to restrictions through the last three years difficult conditions, but also more importantly due to a failure to grasp the fact that digital technologies can transform your business if adopted properly.
We have all read about businesses failing to gain value from digital projects. The reasons could be varied but essentially this has resulted in a general risk aversion to larger digital programmes. The real risk here is that projects are pared down to merely adopt technology without the added skill and mindset changes needed for true transformation.
In July IoD Jersey hosted an event entitled Navigating the Opportunities of Digital, sponsored by Deloitte’s. The aim of the session was to discuss and bring out key learnings on how to effectively navigate where and how to start on a digital journey, how to avoid the pitfalls and generate business value.
The importance of looking at transformation as being a journey was emphasised repeatedly in the table discussions. In particular the importance of starting with small steps, proving the concepts and then building confidence.
The three main learnings were align your digital transformation to your business strategy, ensure there is payback, and ensure people are at the core of the change.
Firstly digital change must be part of and aligned with your business strategy. Having a digital strategy separate to your business strategy should be a thing if the past, as digital becomes embedded in the workings of an organisation.
Secondly digital programmes must be focused on a return on investment, otherwise, really, why are we embarking on them?
Thirdly, and most importantly, it’s all about the people. To make sure your organisation becomes a digital adopter, you must develop your people so a growth mindset becomes embedded part of the culture. With this in place adopting digital technology becomes part of the dna of the business, rather than having to perform significant change projects to deliver, it becomes incremental continuous steps. We must bring our people on this journey, not doing so does not bring the benefits and certainly won’t achieve the payback.
In summary, business leaders who are in the position of wondering why their digital programmes do not deliver benefits, take too long or just do not get started, should be focusing on creating and nurturing that digital mindset with their people. Truly adopting digital technologies such as AI, is not about buying software, it’s about investing in your people. Give them the skills and mindset to adopt digital technology, and watch what happens.
Appeared in Business Brief Jersey Innovation edition November 2023